By: C. J. Hughes

C. J. Hughes

The real estate families who run NYC

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In New York, real estate runs in the family.

At a level that appears unmatched in the rest of the country and perhaps also overseas, huge swaths of the landscape in the city are under the control of a web of fathers and daughters, grandpas and grandsons, second cousins and ex-wives.

Mirroring New York’s rise as a destination for immigrants and a hub of an easy-debt lending culture, family real estate dynasties have surged in stature and influence since the early 20th century after starting out in some cases with a single storefront.

In fact, as some firms embrace their fourth generation of leadership — the LeFraks, Rudins and Dursts­ — the families rival longtime players like Trinity Church and Columbia University.

Read more @ Crains New York Business

Overboard

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At first, the rapids seemed routine. 

Rough water was nothing new for the paddlers, who were more than two months and 550 miles into a long-distance haul through remote rivers near the Arctic Circle. On this September day in 1955 a little froth wasn’t going to force the six-person crew to pull out their canoes and carry them instead.

But within hours expedition leader Arthur Moffatt ’41 was dead. Waves that looked small turned out to be enormous, swamping Moffatt’s canoe and sweeping the 36-year-old backcountry veteran into the Dubawnt River. He never had a chance once he hit the frigid water.

“In one moment, this grand adventure had become a nightmare beyond all comprehension,” expedition member Fred “Skip” Pessl ’55 later wrote. “It happened so quickly, seemingly so easily; no violence, nothing dramatic; a brief struggle and then an empty finality.”

Read More @ Dartmouth Alumni Magazine

Who Owns the Block

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One Boerum Place gamble pays off with huge lease deal

As Downtown Brooklyn continues to go from a governmental to a residential hub, a rental development appears to have set a record for the highest-ever price paid for a Brooklyn apartment.

The new building, One Boerum Place, has leased its largest penthouse for $27,000 per month, according to Avery Hall Investments, the project’s developer, which provided a redacted lease as proof of its claim.

Full Article @ crainsnewyork.com

SQUARE FEET: How Craft Breweries Are Helping to Revive Local Economies

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Equilibrium Brewery in Middletown, N.Y., drew a crowd of craft brew fans from several states recently for a can and bottle release.

MIDDLETOWN, N.Y. — As Equilibrium Brewery opened for business here on a recent Saturday morning, fans were already lined up outside for a fresh batch of its hazy-colored ales.

The travelers, who came from Massachusetts, New Jersey, Pennsylvania and Rhode Island, snapped up as many cans and bottles as they could buy, at $16 a four-pack. After a sip or two by tailgates, some headed out in search of a meal, their tourist dollars funneled into a downtown betting on a rebound.

Read full article @ NYTIMES.Com